A succinct job description for an engineer consists of two words: problem solver. Broadly speaking, engineers use knowledge to find new ways of doing things economically. Engineering design solutions do not exist in a vacuum but within the context of a business opportunity. Given that every problem has multiple solutions, the issue is, How does one rationally select the design with the most favorable economic result? The answer to this question can also be put forth in two words: engineering economy. Engineering economy provides a systematic framework for evaluating the economic aspects of competing design solutions. Just as engineers model the stress on a support column, or the thermodynamic response of a steam turbine, they must also model the economic impact of their recommendations.

Engineering economy—what is it, and why is it important? The initial reaction ofmanyengineering students to these questions is, “Money matters will be handled by someone else. They are not something I need to worry about.” In reality, any engineering project must be not only physically realizable but also economically affordable.

Understanding and applying economic principles to engineering have never been more important. Engineering is more than a problem-solving activity focusing on the development of products, systems, and processes to satisfy a need or demand. Beyond function and performance, solutions must also be viable economically. Design decisions affect limited resources such as time, material, labor, capital, and natural resources, not only initially (during conceptual design) but also through the remaining phases of the life cycle (e.g., detailed design, manufacture and distribution, service, retirement and disposal). A great solution can die a certain death if it is not profitable.

• MyEngineeringLab is now available with Engineering Economy, 16/e and provides a powerful homework and test manager which lets instructors create, import, and manage online homework assignments, quizzes, and tests that are automatically graded. You can choose from a wide range of assignment options,including time limits, proctoring, and maximum number of attempts allowed. The bottom line: MyEngineeringLab means less time grading and more time teaching.

• Algorithmic-generated homework assignments, quizzes, and tests that directly correlate to the textbook.
• Automatic grading that tracks students’ results.
• Assignable Spreadsheet Exercises that students can complete in an Excelsimulated environment.
• Interactive “Help Me Solve This” tutorials provide opportunity for point-ofuse help and more practice.
• Learning Objectives mapped to ABET outcomes provide comprehensive reporting tools. If adopted, access to MyEngineeringLab can be bundled with the book or purchased separately.